Chicago Agriculture Commodities Finished Higher

Chicago Agriculture Commodities Finished Higher

$CORN, $WEAT, $SOYB

Chicago Board of Trade (CBOT) agriculture grains futures finished higher Thursday boosted by dry weather model and strong export data.

The most active Corn contract for December delivery rose 8.5 cents, or 2.15%, to 4.0475 bu.

September Wheat delivery went up 2.75 cents, or 0.55%, to 5.0575 bu.

November Soybean climbed 14.5 cents, or 1.43%, to 10.27 bu.

CBOT brokers estimated that funds have bought 10,000 contracts of Corn, 7,000 contracts of Soybean, while being flat Wheat.

Traders reportedly continued to build premium in the grain markets with hot and dry weather, which has kept its influence over the northern Plains and Midwestern Corn Belt.

This weather model has caused the dropping of current crop ratings and led to worries about possible lower yields.

The futures, especially those of Corn and Soybean, were also supported by the strong performance of exports, according to the Weekly Export Sales Report released by the US Department of Agriculture (USDA) Thursday.

Following 6 consecutive days of losses, the Wheat futures managed to rally due to bargain buying, said agriculture analysts.

Have a terrific weekend.

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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